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content="text/html;charset=gb2312" /> <title>中国企业煤炭合同hq或?0%
中国企业煤炭合同hq或?0%
2008-4-9
    3月䆾以来Q全国煤地区煤炭h(hun)格l呈现全面大q上涨态势。市(jng)Zh士预计,随着最新的国际煤炭合同谈判h卛_出台Q预计中国企业煤炭合同h(hun)上涨?0%以上Q相关煤炭企业将大幅受益?
    记者了(jin)解到Q目前正在进行的日澳2008q动力煤合同谈判?x)议Q日澛_方已l达成煤价上?00%的初步意见。而根据往q情况,Zq距短的地理位置优势Q中国煤炭出口h(hun)格将?x)略高于日澳达成的合同h(hun)根{而据记者了(jin)解,相关公司今年的动力煤国际出口h的谈判也正在有条不紊地进行着?
    据?zhn)Q日本作Z太地区最大的动力煤进口国Q其与澳方的煤炭合同谈判对亚太市(jng)场的煤h(hun)有较大媄(jing)响。在今年的谈判中Q动力煤斚wQ双方已l在130元/吨上达成?jin)初步的意见Q涨q达到甚臌q了(jin)100%?
    Ҏ(gu)Q中金公司分析师韩永预计Q中国企业煤炭合同h(hun)上涨也在90%以上。由?008q度出口合同价将??日开始执行,韩永_(d)如果合同价上?0%Q相当于2008q出口均价上?0%左右。在目前煤炭出口企业的同cd怸Q中煤能源占C(jin)20.25%Q中国神华和兖州煤业分别占到?2.47%?.6%。预计中煤能源将成ؓ(f)最大受益方?
    据了(jin)解,现在中国煤炭出口量将l箋下降Q?008q发放了(jin)W一批出口配?180万吨Q如果按照去q第一批出口配额占全年60%算Q?008q出口配额将?300万吨左右Q比2007q的7000万吨下降1700万吨?300万吨的出口配额将和去q中国实际出口量基本相同?
    目前Q在国内股票?jng)场上,煤炭股的估值水qx为市(jng)场的x焦点Q煤炭公怼g于全球主要资本市(jng)场同cd司的局面也使得分析师大力推荐买入。中金公叔R永表C,从估值的角度来看Q煤炭A股公司相对于?jng)场有大U?5.69%的溢P基本属于合理范围。而H股煤炭公司PE基本已经和恒生国企指数接轨,提供?jin)较好的安全辚w?
    韩永_(d)从绝对PE估值来看,H股煤炭公司的PE仅ؓ(f)15.5倍,已经显著低于国煤炭股的22.1倍。从PB来看Q香港H股公司^均ؓ(f)2.7倍,也远低于国煤炭上市(jng)公司?.9倍?
    “中国煤炭行业正处于高度景气”,东方证券分析师王帅指出,国家l计局数据昄Q?Q?月䆾Q全国煤炭行业利润同比增速高?6.8%Q高于全国^均水q?0个百分点。上?jng)公司方面,预计利润增速将?x)和行业q_水^较ؓ(f)一_(d)而考虑到国内炼焦煤的再ơ提P炼焦煤公司利润增速将高于行业q_水^?
    王帅指出Q从较长时期来看Q中国煤炭行业的高景气度不仅建立在国内需求的E_增长上,q徏立在中国煤炭供应?0%来自于安全性、稳定极差的煤矿这一先天性缺陷之上,因此Q随着煤矿的产量辑ֈ峰|未来中国煤炭供应仍然会(x)呈现持箋偏紧的态势Q行业龙头公司则获得广阔成长空间?


     ~?辑:(x)q帆


     ~?辑:(x)q帆
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